ABU DHABI, 27th August, 2026 (WAM) — The Middle East and North Africa Financial Action Task Force (MENAFATF) held a high-level meeting with the State of Palestine to review the latest developments related to enhancing the effectiveness of its national anti-money laundering and counter-terrorist financing framework, as well as shared priorities for the next phase.
The MENAFATF delegation was headed by Hamid Saif Al Zaabi, President of MENAFATF, and included Shaikha May bint Mohammed Al Khalifa, Vice President of MENAFATF, and Suliman bin Rashid Aljabrin, Executive Secretary of MENAFATF.
The Palestinian delegation was headed by Yahya Shunnar, Chairman of the National Committee for Combating Money Laundering and Terrorist Financing and Governor of the Palestine Monetary Authority. The delegation also included Eng. Bashar Al-Saifi, Undersecretary of the Palestinian Ministry of National Economy; Dr. Omar Awadallah, Deputy Minister of Foreign Affairs and Expatriates; and Dr. Firas Morrar, Director of the Palestinian Financial Follow-up Unit.
The meeting addressed national efforts to develop legislative and institutional frameworks and strengthen compliance with the Financial Action Task Force (FATF) Standards. It also provided an opportunity to discuss national priorities for the next phase, particularly the implementation of the National Anti-Money Laundering and Counter-Terrorist Financing Strategy, arising from the findings of the updated national and sectoral risk assessments in the State of Palestine.
The Palestinian side reviewed the progress made in implementing national priorities, including developing legislation, strengthening coordination among the relevant national authorities, further embedding the risk-based approach among the competent authorities and the private sector, and continuing to implement a comprehensive national capacity-building project in the field of anti-money laundering and counter-terrorist financing.
The meeting also addressed the current circumstances and economic challenges facing the State of Palestine and their implications for the banking sector, particularly the challenges related to the continuity of correspondent banking relationships. These issues were considered in light of specialised reports issued by MENAFATF and relevant international bodies, which highlighted the measures taken and the progress achieved in enhancing the effectiveness of the anti-money laundering and counter-terrorist financing framework, particularly within the financial sector.
Commenting on the meeting, Hamid Saif Al Zaabi, President of the Middle East and North Africa Financial Action Task Force (MENAFATF), said: “We highly appreciate the continued efforts of the State of Palestine to strengthen its national framework, despite the exceptional circumstances and challenges it faces. The Palestinian authorities’ continued work to develop legislative and institutional frameworks, update the risk assessment, strengthen national coordination and build capacity reflects a serious institutional commitment to safeguarding the integrity of the financial system and enhancing the effectiveness of the national framework.”
HAl Zaabi noted that the stability of correspondent banking relationships and the continuity of formal and secure financial channels constitute an important element in supporting legitimate economic activity and strengthening confidence in the financial system. He emphasised the importance of continued regional and international support for Palestinian efforts and of building on the progress achieved, thereby helping the national authorities implement their priorities during the next phase.
Al Zaabi stressed that the State of Palestine remains committed to the requirements and procedures adopted by MENAFATF in relation to the mutual evaluation process. The State of Palestine has engaged with this process in accordance with the mechanisms and options made available by MENAFATF to countries facing exceptional political and security circumstances that may affect their ability to undergo the evaluation process. The State of Palestine opted to undergo an assessment of its technical compliance with the Forty Recommendations. This was followed by the adoption of international reports issued by the US and UK Treasuries, as well as MENAFATF’s report on correspondent banking arrangements, all of which affirmed the State of Palestine’s efforts to combat money laundering and terrorist financing and the resilience of its financial and banking system.
Al Zaabi affirmed that the meeting was held as part of MENAFATF’s approach to supporting its member countries and strengthening direct engagement with them, based on the recognition that the Group’s role is not limited to evaluation, but extends to providing technical assistance, exchanging expertise, building capacity and supporting countries in translating international standards into practical outcomes that enhance the effectiveness of their national frameworks. He noted that the success of any member country on this path represents a success for MENAFATF and the region as a whole.
For his part, Governor Yahya Shunnar affirmed Palestine’s commitment to implementing the requirements of the Financial Action Task Force, highlighting in particular MENAFATF’s report on technical compliance with the Forty Recommendations, as well as the report on the effectiveness of anti-money laundering and counter-terrorist financing measures and correspondent banking relationships. These were preceded by reports issued by the US and UK Treasuries and the Swedish central bank, and followed by high-level political commitment at the level of the Council of Ministers, which approved the updated national and sectoral risk assessments.
The resulting comprehensive plan comprises ten strategic objectives and 126 reform measures. It focuses on enhancing the effectiveness of anti-money laundering and counter-terrorist financing measures and makes engagement with all international partners to implement these objectives and measures a top priority, including preparations for the mutual evaluation of the State of Palestine in accordance with the established timeline.
Governor Shunnar also stressed the Palestinian banking sector’s commitment to international compliance standards, which constitute the cornerstone of the integrity and resilience of Palestine’s financial system and strengthen confidence in it at the international and regional levels, despite the difficult circumstances facing the State of Palestine.
The two sides agreed on the importance of continuing cooperation and coordination between the State of Palestine and MENAFATF, thereby supporting the State of Palestine’s efforts to safeguard its financial system and enhance the effectiveness of its national anti-money laundering and counter-terrorist financing framework.
At the conclusion of the meeting, Yahya Shunnar, Chairman of the National Committee, expressed his thanks and appreciation to Hamid Saif Al Zaabi, President of MENAFATF, and the accompanying delegation for their continued support and commitment to convening this important meeting, particularly under the current circumstances. He also commended MENAFATF’s leading role in developing the anti-money laundering and counter-terrorist financing frameworks of its member countries, including the State of Palestine.
Source: Emirates News Agency